The Dow Jones Industrial Average and S&P 500 had their worst day of the year Wednesday, as the stock market was hit from multiple sides with troubling economic reports.
The Dow fell 279 points today, and the S&P fell 30 points. Today marked the worst day for the market since last August.
A number of reports that emerged today called attention to a still-struggling private sector. An ADP Employment Services report showed private sector jobs increased by a mere 38,000 in May. It was the weakest increase since September, and fell very short of a predicted 175,000 increase in jobs.
The government's report on job growth is due for release on Friday.
The auto industy took a hit in May, as sales figures for General Motors, Ford and Toyota fell. Manufacturing growth experienced its worst month since September 2009, and planned layoffs increased slightly for the month of May.
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